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U.S or Foreign Person Part 2: U.S. Person
Individuals who are U.S. persons include U.S. citizens and non-U.S. citizens who are resident aliens for U.S. federal tax purposes. U.S. citizens and resident aliens are subject to withholding and...
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U.S. or Foreign Person Part 3: Foreign Person
Individuals who are foreign persons include all non-U.S. citizens who are neither green-card holders nor meet the 183-day substantial presence test (called nonresident aliens). Nonresident aliens also...
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Information Reporting on Form 1042-S, A New Challenge for Accounts Payable –...
If income is paid to an agent who acts on behalf of the beneficial owner, the beneficial owner is the recipient, not the agent, unless the agent has an agreement with the IRS to take responsibility...
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Information Reporting on Form 1042-S, A New Challenge for Accounts Payable –...
Exemption Codes indicate the reason that taxes were not withheld on the gross income being reported. Exemption Codes typically used for payments to foreign vendors are 00, 01, 02, 03, and 04. Code 00...
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Who Is a U.S. Citizen and Why It Matters – Part 1
When it comes to U.S. income tax, not all individual income recipients are treated alike. The Internal Revenue Code and IRS regulations have special rules for determining when foreign national...
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G8 Economies- Graphic of the Day
View original blog post Today’s graphic compares the G8 economies with three important indicators. See how the countries match up with regard to GDP growth (Q4 2011), government debt (as a % of GDP)...
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